Nutritional Yeast Market is Estimated to Witness High Growth Owing to Rising Health Consciousness Among Consumers

Market Overview:

Nutritional yeast is a type of yeast that provides protein and vitamins, especially B-complex vitamins such as riboflavin, niacin, vitamin B6, folate, and vitamin B12. It is commonly used as a flavor enhancer and food ingredient. Nutritional yeast has a cheese-like, nutty, and creamy flavor and is commonly used to replace cheese or add nutritional value to vegan diets.

Market Dynamics:

The nutritional yeast market is driven by rising health consciousness among consumers and growing vegan population. According to data published by the Vegan Society, the number of vegans in the UK grew by 350% between 2014 and 2019. Similarly, the number of Americans identifying themselves as vegan grew from 1% to 6% in the period 2017-2018. The second major driver of the market is it has gained popularity as a flavorful, low-calorie, high-protein condiment & food ingredient. This is propelling its demand in food industry for bakery, savory products, and seasonings. Additionally, nutritional yeast contains minerals that support gene expression and DNA stability, thus acting as functional food. This is further anticipated to drive its market growth over the forecast period.

Major Driver: Increasing Popularity of Veganism and Flexitarianism Diets is Fueling the Demand for Nutritional Yeast

The adoption of plant-based diets like veganism and flexitarianism has risen significantly across the globe in recent years. Nutritional yeast is emerging as a popular substitute for dairy products like cheese among vegans and flexitarians due to its savory, cheesy taste. It is a rich source of various vitamins and minerals and does not contain cholesterol or lactose. The flexitarian population is gradually reducing their consumption of animal products and incorporating more plant-based foods in their diet. This is positively impacting the sales of nutritional yeast. Moreover, the rising health consciousness among consumers and growing awareness about the numerous health benefits of a vegan diet is driving the growth of the nutritional yeast market.

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Key Players Covered In This Report:

Lesaffre Group, Cargill, Incorporated, Lallemand Inc., Angel Yeast Co. Ltd., Archer Daniels Midland Company, ABF Ingredients Ltd., AB Mauri, and NOW Foods among others.

Market Segmentation:

By form

Flakes
Powder and Granules

By product type

Unfortified
Fortified

By application

Animal Feed
Food

By distribution channel

Supermarkets
Hypermarkets
Convenience Stores
Online Stores
Others

Key Region/Countries are Classified as Follows:

The following section of the report offers valuable insights into different regions and the key players operating within each of them. To assess the growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered.

The section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research. This information is intended to assist readers in determining the potential value of an investment in a particular region.

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ Latin America (Brazil, Argentina, Colombia,.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Major Driver: Wide Utility of Nutritional Yeast as a Flavor Enhancer and Food Ingredient

Nutritional yeast has established itself as a versatile food ingredient due to its savory and nutty flavor. It is widely used as a seasoning, condiment, and flavor enhancer. The flakes impart a cheesy and nutty taste to vegan recipes, sauces, salads, and other plant-based prepared foods. It is a common ingredient in vegan cheese spreads, mayonnaises, popcorn seasonings, and nut butters. The baking industry also utilizes nutritional yeast to prepare vegan breads and snacks. Additionally, many packaged food and beverage brands are introducing new product lines containing nutritional yeast to cater to the rising demand from health-conscious consumers. The multipurpose functionality and wide applications of nutritional yeast in the food industry are sustaining the high demand.

Major Restrain: Higher Prices Compared to Conventional Seasonings and Cheese

Although nutritional yeast offers numerous health benefits, its prices are significantly higher compared to conventional seasonings and dairy cheeses. It costs almost double or triple the price of regular seasonings and cheese available in the market. This high price point poses a major restraint in widespread mass adoption. Many consumers, especially those on tight budgets, are unwilling to pay premium prices for nutritional yeast as an alternative or additive. This price sensitivity acts as a deterrent, especially in price-conscious developing nations. To reduce costs, manufacturers focus on optimizing production processes. However, the inherent high production and processing costs associated with nutritional yeast do not allow dramatic price reductions. This pricing challenge needs to be addressed to further penetrate price-sensitive consumer segments.

Major Opportunity: Scope for Introducing Innovative Product Formats and Flavors

While nutritional yeast primarily comes in the format of flakes or powder, manufacturers have an opportunity to innovate with new product formats. For example, compressed tablets that easily dissolve in water or spreads and dips that can be consumed directly. There is also scope to introduce different flavored variants like garlic, smoked, chili or herb-infused nutritional yeast to cater to evolving taste preferences. Spice-blends and seasoning mixes containing nutritional yeast offer another avenue for product diversification. Moreover, with the rise of health-snacking, nutritional yeast based snacks present a promising avenue. This will help boost adoption beyond its conventional uses. Companies investing in NPD around diverse formats and flavors can gain an edge in the competitive nutritional yeast market.

Major Trend: Increasing Move Towards Clean Label and Organic Nutritional Yeast

Consumers are increasingly scrupulous about ingredients and favor clean label and organic products. There is significant demand coming up for nutritional yeast products free from artificial additives, preservatives and genetically modified organisms. Clean label refers to products with simple ingredient lists that people can easily recognize. Shoppers prefer brands that are transparent about farming and production practices. Accordingly, manufacturers are adopting Clean Label Project verified status, Non-GMO Project certification and applying for the USDA Organic seal to gain consumer confidence. This clean label movement will remain a key trend influencing new product development and marketing strategies in the nutritional yeast industry going forward. Companies adapting to this shift will witness growth opportunities.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Nutritional yeast Market ?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?

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This release was published on openPR.